On the expenditure side, household consumption jumped 11 percent in the first quarter, after a 6.6 percent rise in Q4; and fixed investment climbed 9.7 percent, following a 6 percent increase in the previous period. Meanwhile, government spending went up at a softer 3.4 percent (vs 7.4 percent in Q4), and net external demand contributed negatively to GDP growth, as imports surged 15.6 percent (vs 22.7 percent in Q4) and exports advanced at a much softer 0.5 percent (vs 9.3 percent in Q4).
On the production side, services output grew 10 percent (vs 9 percent in Q4), mainly boosted by: public administration, education, human health and social work activities (4.6 percent vs 7 percent); real estate activities (2.9 percent vs 2.2 percent); professional, administrative and support service activities (12.1 percent vs 10.7 percent); financial and insurance activities (4.8 percent vs 1.8 percent); and information and communication (5.8 percent vs 12 percent). Industrial production grew by 8.8 percent (vs 8.8 percent in Q4), driven by manufacturing (9.3 percent vs 8.2 percent), and construction output advanced by 6.9 percent (vs 5.8 percent). Also, agiculture expanded by 4.6 percent after a 6 percent increase in the previous period.
On a seasonally adjusted quarterly basis, the economy expanded by 2 percent in the first quarter, following a downwardly revised 1.7 percent growth in the previous period.